Peloton: Beyond The Bike
Peloton’s connected-fitness subscribers fell 9% year over year to 2.475 million, with another high-single-digit holiday decline forecast as management pursues a turnaround.
Thursday, November 12, 2026
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From X
SG on X
$PSFE will be taken to the woodshed today. Only question is how much has been priced in by the recent decline?
SG on X
$FRMI says it reached agreement with "an investment-grade hyperscaler. " Does that mean that tensorwave is out?
Deep Sail Capital on X
Scale across means linking data centers that are physically apart, so it requires switches and architecture that are extremely reliable and consistent. This becomes more important as training runs get bigger and inference spread out across distributed data centers. $ANET win in this market
@DeepSailCapital Deep Sail Capital on X
I’m looking to short a lot of shitcos if they run here: $RGTI $IONQ $ACHR $QBTS just look at my Shortlist for names.
Investor Letters
All letters- Asset Value Investors Ltd October 2026 6727 $597M9742 $318M
- Minotaur Capital October 2026 CROX $7.3BHUT $7.3B
- Bell Asset Management October 2026 CRH $64BEXPGF $34B
- Lakehouse Capital Small Companies Fund October 2026 COGZF $411MFNCHF $530M
- Lakehouse Capital Global Growth Fund October 2026 ADYEY $31BNOW $107B
- Spheria — Global Smaller Companies Fund month ended 31 October 2026 SFM $4.7BSN $32B
- Forager Funds Management October 2026 TUA $576M
- Rathbones October 2026 SBGSF $158BSIEGY $236B
Post-Memory Sell-Off, Hewlett Packard Enterprise Is More Compelling Than Dell
Hewlett Packard Enterprise offers lower valuation and better memory-price downside protection than Dell, backed by higher-margin…
Benjamin C. Barry 1 click
Quick note on LSAK and GRPN
Lesaka expects its Bank Zero acquisition to close by end-January 2027, though it could still close this calendar year.
DoorDash’s FBA Moment
DoorDash’s $17 billion Instacart deal targets DashMart warehouse scale, where 99%+ order accuracy and faster delivery address the limits of…
WaterBridge Q3 Update: Speed Ramp Powers Record Quarter and Datacenters on the Horizon
WaterBridge grew Q3 revenue 16.9% year over year as Speedway Phase I lifted produced-water volumes, while pursuing large-scale data center…
Lumen Technologies (NASDAQ: LUMN) Stock Rating: Upgrade To Accumulate After Q3 FY12/26 Earnings
Lumen was upgraded to Accumulate after Q3 revenue fell 12% to $2.7 billion, while strategic business revenue rose 10% and reached 55% of…
My largest position is now a healthcare stock with 195% upside to my target
An unnamed healthcare company became the portfolio’s largest position at 8%, with a $130 target implying 195% upside despite broken…
TransMedics: 2027 Setting Up To Be A Pivotal Year
TransMedics targets multi-organ transplant growth through 2027 trials, OCS Kidney and European expansion after Q3 revenue rose 41% to $203…
Conviction Queue 
I Called the YB CFO. Here’s What I Learned.
Yuanbao’s CFO says China’s new online-insurance rules target abusive sales practices, while Beijing increasingly frames commercial health…
Village Farms Well Positioned For Entry Into Texas Cannabis Markets (Rating Upgrade)
Village Farms posted record quarterly cannabis revenue, driven by international sales and expanded capacity, while positioning for Texas…
Alan Sumler 1 click
[scuttleslops] FICO, PAYC, ABNB, TREX, Anthropic
FICO is licensing mortgage scores directly to resellers, seeking pricing control as VantageScore competition and regulatory scrutiny…
EXPE · long Expedia Group INC
Expedia Group, one of the largest online travel companies, has roughly 3.6 million lodging properties and is expanding internationally.
Vicor Update, Part Two
Vicor uses ITC exclusion-order cases to license power-module patents, with published royalty multipliers rising from 1.0x before filing to…
Rubrik (NYSE: RBRK) Stock Rating: DISTRIBUTE After Q2 FY1/27 Earnings
Rubrik posted 38% Q2 revenue growth to $427.3 million, but Cloud ARR growth slowed to 39% and its enterprise value reached 15.7 times…
Expert Call | Nebius
Nebius’s 1 GW annual active-capacity target from 2027 is realistic, according to a former product manager, with greenfield data centers…
The Final Phase of This Bull Market Will Be Massive | Charles Lemonides
Charles Lemonides argues the 18-year bull market has not reached its late-stage liftoff, pairing value-oriented semiconductor longs with…
Bristlemoon September 2026 Quarterly Letter
Bristlemoon Global Fund lost 8.4% in the September quarter and added shorts in Campbell’s, REA Group, MasterBrand and Polaris amid narrow…
Dell's Tailwinds
Dell booked $131.7B of AI server orders in four quarters and held a $95B backlog as enterprise AI demand accelerates.
Quick Value #334 - Flowers Foods (FLO)
Flowers Foods trades at 7.5x earnings after an 80% decline, as a 50% dividend cut and potential asset sale aim to reduce leverage following…
Q3 2026 Jenga IP Quarterly Letter
Jenga Global Master Fund returned 8.10% in Q3 2026, added Adobe and Mexican airports, and later initiated S&P Global.
LQDA: finer powder, higher doses
Liquidia’s Yutrepia sales reached $170.4 million in Q2 2026, while a patent ruling threatens its PH-ILD label but leaves PAH sales and a…
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Sectors
Ordered by how often our editor reaches for them.
